Fairmatic provides services to enterprises in a wide range of sectors that drive the economy, such as transportation networks, non-emergency medical transport companies, last-mile delivery services, and artisan contractors. Fairmatic gives companies proactive control over their insurance costs by giving them a simple way to keep an eye on driver safety.
Fairmatic is growing to service new fleet operations and market categories as demand for its data-driven insurance solutions rises. Jim Hinchley is in a unique position to assist Fairmatic in moving into its next stage of expansion because of his demonstrated ability to create new avenues in the commercial vehicle insurance market.
According to Jonathan Matus, CEO and founder of Fairmatic, the company is rewriting the rules on how commercial vehicle insurance risks are assessed, valued, and provided to fleets by utilizing cutting-edge AI and machine learning technologies. Their goal is to increase the ubiquity of insurance powered by AI. Jim’s appointment to the presidency will put Fairmatic in a strong position to carry on developing innovative commercial auto insurance solutions that are based on increased control over expenses, operational effectiveness, and safety.
What happens if the price of your business auto insurance is on you? Fairmatic has discovered a technique to supply business auto insurance that has never been done before, according to Jim Hinchley, Fairmatic’s president of insurance. In the past, businesses have had difficulty affording excessive auto insurance costs that may not accurately reflect their particular risk profile. For the first time, Fairmatic’s unique strategy provides fleet businesses control over premiums and equips them with knowledge to actively lower them month over month. Leading Fairmatic’s insurance section was an exciting opportunity for him, as we strive to provide innovative solutions that enhance the distinctiveness, accuracy, equity, and safety of commercial auto insurance.
By introducing the first fleet insurance that is data-driven and incentivizes safety, Fairmatic created a whole new category of commercial insurance. By rewarding responsible driving, which leads to safer roads, Fairmatic’s new strategy values driving behavior and uses deep telemetry data along with AI-powered technology to deliver significant cost savings for fleets. With over 200 billion miles of driving data, the Fairmatic underwriting model has been trained and tested to provide fleets with relevant insights for proactive safety issue management.
Fairmatic is redefining commercial auto insurance from the bottom up with the goal of making roads safer one fleet at a time. The company was founded by serial technologist Jonathan Matus, who also contributed to the creation of Facebook and Android mobile. Battery Ventures, Foundation Capital, Aquiline Technology Growth, and insurtech, fintech, and technology investors like Jerry Yang, Oren Zeev, and Bill Tai have contributed a total of $88 million to Fairmatic’s fundraising efforts.
